This $120 million deal is music to investors' ears

A Connecticut-based investment manager specializing in intellectual property has agreed to acquire The Concord Music Group, an independent music label that has a local office and is the parent of music business Telarc International Corp. of Beachwood.The buyer of Beverly Hills, Calif.-based Concord is Wood Creek Capital Management, and the seller is Village Roadshow Entertainment Group, an Australia-listed portfolio company of Tailwind Capital Partners.It's a big deal, valued at “somewhere north of $120 million,” according to Variety.The trade publication says Wood Creek made the purchase on behalf of funds it advises, an individual investor group that includes members of Concord's senior management, and two music industry veterans. Village put Concord up for sale last year, “driven by its desire to refocus on its core film business,” according to Variety.Concord bought Telarc in 1977. Its Cleveland operation markets the jazz, classical, blues and world music offerings that made Telarc famous.Variety notes that Concord claimed eight Grammy Awards at last February's ceremony.

This and that

Changing the landscape: Sen. Rob Portman makes it into The Washington Post'slist of the 10 most memorable moments in Congress so far in 2013, for his influential about-face on gay marriage.

“Even though both state and national polling made clear that the American public was shifting quickly in favor of same-sex marriage, no high-profile Republican elected official had announced a position switch on the issue,” the paper says.Until, that is, Sen. Portman announced he's now supportive of the right of gays and lesbians to get married, citing the fact that one of his sons is gay as the reason for the change of heart.Sen. Portman “was joined in short order by a parade of Democratic senators including Jon Tester (Mont.) and Kay Hagan (N.C.) who announced they now backed gay marriage,” The Post notes.Money well spent: By this standard, the Cleveland Indians have been a big success over the past three seasons.With Opening Day almost here, Forbes.com names “the best and worst baseball teams for the money,” based on “average player expenses versus games won over the last three seasons.” Player expenses include salaries, benefits, bonuses and amateur signings, according to the website. (Playoff wins count for double, but that hasn't been an issue for the Indians in the past three years.)By those standards, the Indians are the fifth most-efficient team in baseball.

“Only the Padres and Pirates have averaged smaller player expenses over the last three seasons, and the Indians have been just good enough on the field, putting together a .447 winning percentage over those years,” Forbes.com says.This points out why this measurement is so unsatisfying. In what world is a .447 winning percentage “just good enough on the field” because it has been accomplished without lavish spending?He keeps it exciting: Keeping in the sports world, USA Today is totally in the tank for Cleveland Cavaliers announcer Austin Carr.The paper names him to its list of “10 announcers who should never retire,” which was inspired by Tim McCarver's decision to step away from baseball broadcasting after this season.USA Today identifies “Get that weak stuff outta here!” as Mr. Carr's main catchphrase — I kind of prefer “Throws the hammer down!” — and notes, “Even when Kyrie Irving is not on the court, the Cleveland Cavaliers are a must-watch on League Pass just because of this guy.”You also can follow me on Twitter for more news about business and Northeast Ohio.

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